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Financial Reporting

New Financial Reporting Functionality!

In March 2014, Queen’s launched a new financial reporting functionality that will make it faster and easier for the Queen’s community to get the financial information that they need. To implement this new functionality, Queen’s worked with Millennium, a company specializing in providing software and service solutions to the International Higher Education market. Millennium’s Fast Administrative Support Tool (FAST) software solution is web-based, and feedback to date is that the tool is intuitive and easy to use. The new tool was launched without removing existing access to PeopleSoft Finance and research monthly statements via the Queen’s Portal. These will be phased out at a later date.

Why is the new functionality being offered?

Currently, getting the financial reporting information to meet user needs is challenging. Recognizing this challenge, in late 2012 Queen’s undertook an RFP process that focused on obtaining a product that was well suited to a higher education environment. Ease of use was a major focus in the evaluation of possible products. Many user groups of the Queen’s community were represented during the evaluation process, including Departmental Administrators, Researchers, and Business Officers.

What will the new financial reporting tool deliver?

The new FAST financial reporting tool will help with all financial reporting needs and allow users to access current information. For the non-research community, reports will include a new Statement of Operations report, a Trust and Endowment report, and a Departmental Expendable report. For researchers, FAST will provide a new Project Summary report.

How will I access the tool?

The Queen’s community is able to access the new financial reporting tool by logging into MyQueensU/SOLUS directly from www.queensu.ca. Authorized users will see a section called Financial Reporting Information which will provide a link to Fast Administrative Support Tool (FAST).